Business Insurance in Franklin, TN
Experts break down commercial insurance costs, coverages, companies, and more for business owners in Franklin, Tennessee.
There are around 10,000 businesses in Franklin. While this city is the home to many large corporations like Nissan, Mitsubishi Motors, and Atmos Energy, most of the companies in Franklin are small, privately owned businesses. If you own one of these companies, business insurance can protect your investment.
Experienced independent agents are available to identify your company’s exposures and recommend the best and most affordable products to cover against each of them. Find an independent insurance agent near you to discover how easy it can be to build a suitable business insurance plan.
Is Business Insurance Required in Franklin, TN?
There isn’t a law that says all companies in Tennessee must be covered by business insurance. However, some businesses need to have specific types of commercial insurance coverage. For instance:
- Tennessee mandates that all employers in the coal mining and construction industries and all other businesses with at least five employees must carry workers’ compensation insurance.
- Lenders often require companies to be covered by commercial property insurance if they have an open commercial mortgage or business loan.
- Prospective clients frequently ask contractors to show proof of liability insurance before hiring them to do a job on their property.
- The state requires businesses that own and operate vehicles to cover them with commercial vehicle insurance policies.
To learn more about what kinds of coverage your business may need, you can consult an independent insurance agent in Franklin.
How Much Does Business Insurance Cost in Franklin, TN?
Rates for business insurance can vary significantly from one company to the next. While small businesses may only pay about $100 a month for a simple business owners policy (BOP), mid-sized firms may spend thousands a month for a fully customized business insurance policy package.
Insurance companies base their premiums on factors such as:
- The type of business you own and the industry in which it operates
- Your company’s expected annual revenues
- The number of people you employ and the kinds of jobs they do
- The value of your company’s property and other assets
- Your company’s liability exposures
- Whether your business owns and operates motor vehicles
- Your company’s claims history and safety record
To discover how much coverage will cost for your Franklin business, you can contact a few competing insurance providers to request customized quotes. Or, if you prefer, an independent insurance agent can do this on your behalf.
Every insurance provider has a different way of calculating rates. Comparison shopping lets you choose the policy that offers the coverage you want at the most competitive price.
What Does Business Insurance Cover in Franklin, TN?
Whether you are purchasing a simple business owners policy or a standard business insurance policy, you can expect your coverage to include:
- General liability insurance: This covers expenses related to many common liability lawsuits.
- Commercial property insurance: This covers expenses related to property loss and damage.
- Business interruption insurance: This covers revenue losses related to certain forced temporary closures.
By adding additional policies and options to these main types of coverage, you can build a business insurance policy package that has been customized to meet your company’s specific coverage needs.
What Does Small Business Liability Insurance Cover in Franklin, TN?
No company is too small to face a liability lawsuit. Business liability insurance products cover expenses like legal defense fees, mediation costs, settlements, and judgments if your company is hit with a covered liability lawsuit.
All BOPs and business insurance policies include general liability insurance. This insurance is designed to cover some of the most common liability risks businesses face. General liability insurance includes:
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
- Media liability insurance: This covers lawsuits related to accusations of copyright infringement, false advertising, deceptive pricing, and other marketing errors.
- Accusations of libel or slander
General liability insurance covers a lot of potential risks. Still, many businesses find they need to invest in additional policies to be protected against all of their liability exposures.
Some of the other commercial liability insurance products that you may want to consider include:
- Employment practices liability insurance (EPLI): This covers against accusations of harassment, discrimination, wrongful termination, retaliation, and other illegal employment practices.
- Errors and omissions insurance (E&O): This covers lawsuits related to professional errors like negligence, oversights, missed deadlines, or inadequate work, that may have caused your clients to experience financial loss, injuries, or other harm.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if cybercriminals hack into your business’s computer network and gain access to personal, financial, or other sensitive data.
- Workers’ compensation insurance: This covers your employees’ medical care, lost wages, and other related financial losses if they are injured on the job or are diagnosed with an occupational illness.
- Liquor liability insurance: This covers businesses that sell or serve alcohol. If you or one of your employees serves someone who is under 21 or who is visibly intoxicated and that person goes on to cause harm to others, Tennessee’s dram shop law allows the injured party to sue your business. This insurance can cover those lawsuits.
These are just a few of the many commercial liability insurance products available to your business. Your insurance agent can help you determine whether these or any other policies are a good fit for your business.
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What Kinds of Property Coverage Does Business Insurance Offer to Companies in Franklin, TN?
Whether you purchase a BOP or a standard business insurance policy, it will include commercial property insurance.
Commercial property insurance is designed to pay for repair or replacement costs if your company-owned property is damaged or destroyed in a covered event. Common covered hazards in Franklin include:
- Fires and explosions, including wildfires
- Property crimes, like theft and vandalism
- Falling objects, like hailstones and uprooted trees
- Severe weather events, like thunderstorms, windstorms, and tornadoes
Commercial property insurance covers a lot of risks, but it doesn’t protect against everything. Therefore, it may be beneficial for some businesses in Franklin to purchase supplemental coverage.
Some additional commercial insurance policies you may want to consider include:
- Inland marine insurance: This covers your business property when it is away from your business premises, such as while it is being transported over land or stored away from your place of business, like at a job site or in a warehouse.
- Flood insurance: Commercial property insurance does not cover flood damage. Fortunately, only about 5% of all properties in Franklin have at least a 26% chance of sustaining significant flood damage over the next 30 years. If your business is among those at risk, you can purchase affordable coverage through the National Flood Insurance Program (NFIP).
- Bailee’s insurance: This covers your customers’ property whenever it is in your business’s custody, care, or control. This coverage is ideal if your company performs services like alteration, repairs, or maintenance on expensive items.
Independent insurance agents can help you ensure that your business is protected against all damaging hazards it may face.
How Can Business Interruption Insurance Protect Businesses in Franklin, TN?
Franklin has a very high risk of tornado activity. One of these worst to strike in the area was an F5 twister that touched down in 1998.
If a disaster like a tornado or a fire impacts your business, property damage isn’t the only expensive outcome you need to consider. If your company must temporarily halt operations because of damage, extended power outages, or impassible roadways, the loss of revenue can be devastating.
Business interruption insurance, which is also a standard part of every BOP and business insurance policy, protects against this risk.
This insurance can provide your company business with a continuation of income while it is closed down. This enables you to continue paying regular expenses like rent, loan payments, bills, taxes, and employee salaries. Coverage continues until your business can resume normal operations.
What about Insurance Products for Employee Benefits Packages?
Offering good employee benefits can make your business more attractive to some of the area’s most talented workers. If you are considering giving your company a competitive edge by putting together a benefits package, a local independent agent can help you find suitable yet affordable:
- Group health insurance plans for small businesses
- Group life insurance plans for small businesses
- Group dental insurance plans for small businesses
- Group vision insurance plans for small businesses
When it comes to health insurance, businesses in Franklin have a lot of choices. As this city is home to Community Health Systems, Acadia Healthcare, Tivity Health, Iasis Healthcare, and MedSolutions, you will have many options.
Your agent can ensure that the plan you choose is accepted by many area doctors and medical facilities like Williamson Medical Center and Monroe Carell Jr. Children’s Hospital. That way, your employees and their families can easily obtain care when needed.
What Are the Best Business Insurance Companies in Franklin, Tennessee?
The best business insurance companies in Tennessee are the ones that have a consistent track record of providing exceptional customer service, reliable coverage, and affordable prices.
Local independent insurance agents have teamed up with some of Tennessee’s most highly rated insurance companies. Therefore, you can be confident that any policies your agent recommends to you are offered by insurance providers you can trust.
How Can Independent Insurance Agents Help Franklin, TN Business Owners Find the Best Coverage?
Independent agents are familiar with all types of commercial insurance coverage. A local agent can perform a complete risk assessment on your business and recommend the best and most affordable insurance products to cover against each identified exposure.
Independent agents work for you, not for a particular insurance company. This means your agent is free to shop around to find the policies your business needs at the most competitive rates. Arrange an obligation-free consultation with an independent insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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